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Based on the information in the table, calculate the firm's inventory turnover ratio. Round the answers to two decimal places Balance Sheet December 31, 2011 Accounts payable $278,000 Notes payable $87,000 Accrued expenses $65,000 Total current $430,000 Cash and marketable $143,000 securities Accounts $354,000 receivable Inventories $672,000 Prepaid expenses $12,500 Total current $1,181,500 assets Gross fixed assets $1,675,000 Less: accumulated $500.000 depreciation Net fixed assets $1,175,000 liabilities Long-term debt $284,000 Par value and $228,000 paid-in-capital ! Retained Earnings $1,414,500 Common Equity 1,642,500 Total liabilities and owner's $2,356,500 equity Total assets $2,356,500 Income Statement Year of 2011 Net sales (all credit)$3,136,600.00 Less: Cost of goods $2.195,620.00 sold Selling and administrative $345,000.00 expenses Depreciation $146,000.00 expense EBIT $449,980.00 Interest expense $45,300.00 Earnings before $404,680.00 taxes Income taxes $161,872.00 Net income $242,808.00